Allegations of mismanagement, abuse of company resources, and unauthorized release of funds have been raised following an internal audit at Fiji Pine Ltd. Ratu Rakuita Vakalalabure, the company’s executive chairman, confirmed that these issues occurred under the previous management over the past years.
“An internal audit investigation is currently underway for the Fiji Pine Group. According to the company’s internal Audit Report, the organization, a major player in the pine industry, is contending with serious governance problems stemming from past management failures,” he stated. “These problems include a lack of clear policy guidelines, which has led to the abuse of company resources, mismanagement, and unauthorized fund releases.”
Ratu Rakuita highlighted that the Internal Audit has completed the first two phases of a thorough investigation into the company’s operations. He indicated that the company is now seeking independent legal advice based on the findings of the audit, citing the potential criminal implications and significant financial losses revealed during the investigation.